In this final installment of my recent video interview with Jesse Gossman - a Police Detective in South Florida, Certified Fraud Examiner, and president of the counter-fraud consulting group Bottom Line Fraud - we discuss how the culture of perceived legitimacy and legality for CPNs fuels one of the largest challenges for fighting synthetic identity fraud. Financial institutions are constrained in their ability to make informed decisions, and consumers are naïve about the fraud impacts this purported second chance on credit.
Detective Gossman also provides insights on how to better fight synthetics through multiple layers, including lobbying to build the legislation needed to enact (or adapt) a true national identifier, scoring, and constantly revisiting and adapting decision strategies to identify red flag patterns that span across applications and data - including misrepresentation of income and employment.
The first videos in this three part video are on the topic of credit profile numbers and how they get created. And for more information on application fraud and how to fight it, check out the posts in my series.
Trends in Application Fraud – From Identity Theft to First-Party Fraud
Best Practices in Establishing Your Fraud Risk Appetite
ELI5: How Does the Dark Web Work?
What Data Do I Need to Fight Application Fraud?
Best Practices in Fraud Management: Q&A with Bob Shiflet
Preventing Application Fraud with Machine Learning and AI
4 Success Factors for Machine Learning in Fraud Detection
Application Fraud: The Role of AI and Machine Learning
How To Fight Identity Fraud: Q&A with Andy Procter
#syntheticidentityfraud
